Khan's had the following accounts atyear end: Cash-250,000, AccountsPayable-70,000, Accounts receivable -50000Prepaid Expense-15,000. Computeforthe company's current assets.

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Description: Khan's had the following accounts atyear end: Cash-250,000, AccountsPayable-70,000, Accounts receivable -50000Prepaid Expense-15,000. Computeforthe company's current assets.

Introduction: Current Assets: Currents assets are shown in Balance sheet. Assets which can be easily…

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Business

Accounting

Khan's had the following accounts at year end: Cash-250,000, Accounts Payable-70,000, Accounts receivable - 50000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

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Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
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